Everand Logo

Welcome to Everand!

  • Los Angeles Times

    Michael Hiltzik: Facebook's bogus video claims just cost it $40 million, but they caused much more damage

    by Michael Hiltzik, Los Angeles Times Oct 10, 2019 6 minutes

    Facebook managed to extricate itself from one of its many scandals last week on the cheap, paying a mere $40 million in cash to settle allegations that it defrauded advertisers by feeding them fake estimates of the viewership of video ads in 2016 and 2017.

    In the Facebook universe, this is the chumpiest of chump change. The company collected more than $22 billion in profit last year, on revenue of $55.8 billion, so it could cover the $40 million bill out of about 16 hours of profits.

    But the damage its vaunted "pivot to video" wreaked in the media and advertising industries in 2016 and 2017 was much greater, and is still being felt. Based on what Facebook described as a commitment to become an "all video" platform, media companies dependent on its audience of roughly 2 billion leaped whole-hog into video production.

    News organizations laid off text-oriented reporters and editors by the

    You’re reading a preview, subscribe to read more.

    More from Los Angeles Times

    Los Angeles Times11 min read
    After Scandal, Movie Producer Randall Emmett Is Flying Under The Radar With A New Name
    LOS ANGELES — On April 26, John Travolta debuted his latest film — “Cash Out,” an action thriller about a bank heist gone wrong. The trailer credits it as “a film by Ives.” “Cash Out” is the first and only project Ives has ever worked on, according t
    Los Angeles Times4 min read
    Andy Pages Caps Four-hit Night With A Walk-off Single In Dodgers’ Win Over Braves
    LOS ANGELES — Two of the best teams in baseball convened at Chavez Ravine on Friday night, the National League West-leading Los Angeles Dodgers and NL East-leading Atlanta Braves opening a three-game series that Dodgers manager Dave Roberts promised
    Los Angeles Times2 min read
    Three Friends Drove From California To Mexico For A Surfing Trip. Then They Disappeared
    MEXICO CITY — Last month, two brothers and one of their friends crossed from the United States into Mexico to explore Baja California's famous surf breaks. Pictures posted online by one of the brothers, Callum Robinson, 33, show the men gazing out at

    Related Books & Audiobooks